To The Members,
 
 The Directors are pleased to present the 38th Annual Report of the
 Company together with Audited Accounts for the financial year ended
 31st March, 2011.
 
 FINANCIAL HIGHLIGHTS
 
 (Rs. in Lacs)
 
 Particulars                                2010-11        2009-10
 
 Gross income & increase/                    370.05         313.75
 (decrease) in Value
 of property & traded goods
 
 Gross Profit / (Loss)                        79.63         122.38
 
 Interest. & Financial Charges                39.30          50.52
 
 Depreciation                                 20.70          21.33
 
 Diminution in value of                      (20.72)         (5.92)
 
 Investment
 
 Profit /(Loss) before tax                    40.35          50.54
 
 Profit/ (Loss) for the                       31.89          37.63
 year after tax
 
 During the year under review, the gross income of the Company has
 increased to Rs.370.05 Lacs as against Rs.313.75 Lacs. The gross profit
 and net profit have, however, decreased to Rs.79.63 Lacs and 40.35 Lacs
 as against Rs.122.38 Lacs and Rs.50.54 Lacs respectively in the
 previous year.  Slow down in Real Estate business and higher
 maintenance costs led to decline in profits.
 
 DIRECTORS
 
 In accordance with the provisions of Companies Act, 1956, Shri H K
 Singhal and Shri S S Virdi retire by rotation at the forthcoming Annual
 General Meeting and are eligible for re-appointment.
 
 FINANCIAL STATUS
 
 There is no change in the issued and subscribed capital of Rs.864.30
 lacs
 
 INTERNAL CONTROL SYSTEMS
 
 The Company has adequate Internal Control procedures commensurate with
 its size and nature of business. These internal policies ensure
 efficient use and protection of assets and resources, compliance with
 policies and statutes, and ensure reliability as well as promptness of
 financial and operational reports.
 
 CORPORATE GOVERNANCE
 
 A separate section on Corporate Governance forms part of the Directors''
 Report in pursuance to Clause 49 of the Listing Agreement and is
 included in the Annual Report.
 
 FIXED DEPOSITS
 
 The Company has accepted fresh deposits of Rs.175.00 lac from the
 public during the year.  Deposits of Rs.84.50 lacs were brought forward
 from previous year. During the year, the Company has repaid Rs.25.00
 lacs and renewed Rs.35.00 lacs out of these deposits. There are no
 unpaid or unclaimed deposits as at the end of the year.
 
 AUDITORS
 
 M/s S.C. Dewan & Co. was appointed as Statutory Auditors of the Company
 to hold office till the conclusion of the ensuing Annual General
 Meeting of the Company. The Auditors retire at the said meeting and,
 being eligible, have offered themselves for re-appointment. The company
 has received a certificate from them pursuant to Section 224 (IB) of
 the Companies Act, 1956, confirming their eligibility for
 reappointment.
 
 INSURANCE
 
 All Properties and insurable interests of the Company including
 Buildings and Plant & Machinery are adequately insured.
 
 MANAGEMENT DISCUSSION AND ANALYSIS
 
 Your Company is engaged in infrastructure, real estate, trading and
 commission agency business.  The long term objective of the Company is
 to be a strong player in these segments and is continuously exploring
 various opportunities for growth.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT
 
 Pursuant to Section 217(2AA) of the Companies Ac, 1956, the Directors''
 confirm that :
 
 i) In preparation of the Annual Accounts, the applicable accounting
 standards have been followed.
 
 ii) Appropriate accounting policies have been selected and applied
 consistently, judgments and estimates made are reasonable and prudent
 so as to give true and fair view of the state of affairs of the Company
 as at the end of the financial year and the Profit for that period.
 
 iii) Proper and sufficient care has been taken for maintenance of
 accounting records in accordance with the provisions of the Companies
 Act, 1956, for safeguarding the assets of the company and for
 preventing and detecting fraud and other irregularities.
 
 iv) The annual accounts have been prepared on a going concern basis.
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
 EARNINGS AND OUTGO
 
 The provisions of Section 217 (1)(e) of the Companies Act, 1956 with
 regard to conservation of Energy and Technology Absorption are not
 applicable because during the year the company was engaged in Real
 Estate and Trading & Agency Business. Further, during the year there
 was no foreign exchange earning & out go.
 
 PARTICULARS OF EMPLOYEES
 
 The statement of employees, as required under Section 217 (2A) of the
 companies Act, 1956 is
 
 not applicable as there was no employee who was drawing a salary of
 Rs.60,00,000/- and above per annum if employed for full year, or a
 salary of Rs.5,00,000/- and above per month if employed for a part of
 the year.
 
 ACKNOWLEDGMENTS
 
 Your Directors wish to place on record their appreciation for the
 continued co-operation the Company received from various departments of
 the Central and State Government, Bankers, Financial Institutions,
 Dealers and Suppliers, and also acknowledge the contribution made by
 the employees.
 
 The Board also wishes to place on record its gratitude to the valued
 Customers, Members and Investing public for their continued support and
 confidence reposed in the Company.
 
                                                   For and on behalf of 
                                                     BOARD OF DIRECTORS
 
 CHANDIGARH                         H.K.SINGHAL             SANJAY GARG
 30.05.2011                            DIRECTOR      EXECUTIVE DIRECTOR